“Using a Reverse Mortgage to Buy”

   “Using a Reverse Mortgage to Buy”

 

 

 

 

When we were last together, we discussed the Reverse Mortgages to some extent.  Since that meeting, I’ve given considerable thought as to how that mortgage might work out for my sister, if she were to purchase a new home I building.  Presently, she has a home that has no mortgage, but is no longer a good fit for her. The home just has too many stairs and what I am building is all on one level and would be maintenance free.  In any case, it would be a perfect fit for her!  I could probably finish the house in 3 months or so. Can you please suggest a good time for us to meet?

Thank you very much,

Mark

 

I have worked with this builder for many years and at least once a year we get together to discuss what is currently going on in both of our businesses and any future plans.

 

He is currently building a 55 and older community. We discussed using reverse mortgages as a strategy to sell homes. His mind is always working, so he must have brought up the topic with his sister and another prospective buyer I have heard from since.

 

Using reverse mortgages to buy a home really works to assist certain clients over the age of 62.

 

Reverse mortgages are an FHA product, yet keep in mind the complex does not have to be FHA approved if the units are NOT attached.  

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • November 30 2018 06:48PM

Comments

Good morning, Joe Petrowsky that's a good method of working the numbers to get from point A to point B...

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 9 months ago

Thanks for a great blog!!!

Using reverse mortgages to buy a home really works to assist certain clients over the age of 62. Reverse mortgages are an FHA product, yet keep in mind the complex does not have to be FHA approved if the units are NOT attached. 

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) 9 months ago

Good mornng Joe. Sometimes thinking outside the box has benefits. Having a source is whip cream on top! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 9 months ago

Creative but I have tried to be comfortable with reverse mortgages and have never gotten there.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 9 months ago

To me because of costs this would be an expensive way to buy a home

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 9 months ago

Participate